AM Best Affirms Credit Ratings of Symetra Financial Corporation and Its Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Symetra Life Insurance Company and its subsidiary, First Symetra National Life Insurance Company of New York (New York, NY), together referred to as Symetra Life Group. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of Symetra Life Group’s parent, Symetra Financial Corporation. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Bellevue, WA, unless otherwise specified.

The ratings reflect Symetra Life Group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).

AM Best views Symetra Life Group’s risk-adjusted capitalization as very strong, as measured by Best’s Capital Adequacy Ratio (BCAR), with financial support afforded by the ultimate parent, Sumitomo Life Insurance Company. The ultimate parent continues to support the group’s strategic initiatives with capital when needed. This was evident in the successful acquisition of Dearborn Group’s life and disability business through a reinsurance transaction. Symetra Life Group has shown continued growth in premiums over the years in its life and retirement businesses, and with the recent acquisition, its workforce benefits division will accelerate in growth.

Offsetting these strengths is Symetra Life Group’s strong top-line growth, which can put a strain on capital and surplus, as well as the group’s increasing reliance on affiliated offshore reinsurance that may need additional support if growth continues at this pace.

AM Best views Symetra Life Group’s ERM as being matched to the scope of its operation, while adjusting to changing market conditions. Continued product innovation and its favorable business profile continue to be a positive factor in its overall ratings.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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